Author

Maria João Rodrigues, VP for Economic and Social affairs, Socialists and Democrats

Topic A : The Carbon Market reform

The European Union Emissions Trading System (ETS) was launched in 2005 to fight the emission of greenhouse gases responsible for global warming. It is the largest such scheme in the world, and aims to reduce carbon emissions by 20% compared to 1990 levels - this goal is to be reached by 2020.

The ETS is widely recognized as being flawed, and a carbon market reform is being prepared. It is all the more urgent that at last year’s COP21 in Paris, the European Union (EU) committed to a new goal : cutting emissions by 40% compared to 1990 levels, by 2030. However, Scottish member of the European Parliament Ian Duncan, who was leading this reform, resigned last July following the Brexit vote, leaving the ETS’s future uncertain.

As vice president for Economic and Social affairs within the Socialists and Democrats (S&D) political group in the European Parliament (EP), I am most concerned with getting the carbon market reform ready in time to meet the goals set by the EU. As S&D spokesperson on climate Mathias Groote stated last July :

“It is urgent to update the ETS, we cannot waste one more day. After the approval of a Market Stability Reserve to deal with the surplus allowances in the short term, we must address the reform of the ETS to make it more efficient and able to achieve our goals for emission reduction and also for the transition to a low-carbon economy. It is part of the vision for a competitive Europe.”

First of all, there is a structural ...

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